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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Assets Measured at Fair Value On a Recurring Basis

Financial instruments measured at fair value on a recurring basis:

			As of March 31, 2024																		As of December 31, 2023
(in thousands)			Total						Level 1						Level 2						Total						Level 1						Level 2
Cash equivalents
Commercial paper			$	45,906					$	—					$	45,906					$	19,575					$	—					$	19,575
Money market funds			31,427						31,427						—						33,613						33,613						—
US Treasury bonds			24,746						—						24,746						2,000						—						2,000
Municipal debt securities			20,004						—						20,004						7,848						—						7,848
Federal agency debt securities			12,077						—						12,077						8,201						—						8,201
Total cash equivalents			134,160						31,427						102,733						71,237						33,613						37,624
Short-term
Corporate debt securities			225,735						—						225,735						210,982						—						210,982
Commercial paper			221,827						—						221,827						237,870						—						237,870
Federal agency debt securities			140,588						—						140,588						194,522						—						194,522
Municipal debt securities			14,013						—						14,013						13,914						—						13,914
US Treasury Bonds			7,298						—						7,298						14,126						—						14,126
Certificate of deposit			7,000						—						7,000						—						—						—
Total short-term			616,461						—						616,461						671,414						—						671,414
Long-term
Corporate debt securities			39,054						—						39,054						43,869						—						43,869
Federal agency debt securities			4,745						—						4,745						12,135						—						12,135
Total long-term			43,799						—						43,799						56,004						—						56,004
Total financial instruments			$	794,420					$	31,427					$	762,993					$	798,655					$	33,613					$	765,042

Fair Value, Liabilities Measured on Recurring Basis

The carrying value and estimated fair value of long-term debt, excluding finance leases, including current maturities and without reduction for related costs, are as follows:

			As of March 31, 2024												As of December 31, 2023
(in thousands)			Carrying Value						Estimated Fair Value						Carrying Value						Estimated Fair Value						Hierarchy Level
Fair Value of Notes Payable			$	1,820,368					$	1,815,856					$	1,826,921					$	1,815,351					3

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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No definition available.

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X

- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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